Crypto Update: Google Cloud Becomes Validator on Polygon (MATIC) Network, Potential Bullish Momentum Ahead
Sandeep Nailwal, the founder of Polygon (MATIC), announced today in a recent post that Google Cloud has become a validator on the Polygon network. This collaboration utilizes the robust infrastructure that powers popular platforms like YouTube and Gmail, contributing to the security and efficiency of Polygon, the fast and cost-effective Ethereum-compatible protocol.
This notable development has had a modest positive impact on MATIC’s price within the last 24 hours. According to CoinMarketCap data, the altcoin was trading at $0.5255, reflecting a 0.48% increase in the past day’s trading.
In the last 72 hours, MATIC’s price successfully broke above a previously established negative trend line on the daily chart. Moreover, the cryptocurrency’s price has maintained its position above this medium-term trend line as of the current moment.
If this newfound bullish momentum persists, MATIC’s price is likely to make attempts to turn the next resistance level at $0.5500 into a support level. Following that, the Layer-2 cryptocurrency could potentially climb to the subsequent threshold at $0.6500 in the coming week.
On the contrary, if bears apply selling pressure on MATIC, its price might test the immediate support level at $0.4970 within the next 48-72 hours. If this selling pressure continues, the cryptocurrency’s price could decline to as low as $0.4475 over the next two weeks.
Investors and traders should take note of the 9-day EMA line, which is approaching a cross above the 20-day EMA line. This indicates a slight shift in short-term momentum favoring the bulls, possibly leading to an increase in MATIC’s price over the next 7 days.
An early indication of this potential price increase could be observed when MATIC closes a daily candle above the 20-day EMA line, currently positioned around $0.5259. Subsequently, a confirmation of MATIC’s trend reversal towards a bullish trajectory would be signaled by the 9-day EMA line crossing above the 20-day EMA line.
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